Market Conditions

The big news from real estate last month is the incredible number of pending sales! As of June 1st, there are 2,374 pending home sales in the Pikes Peak Region– with 1,855 of those pendings from May alone!

Sales are down quite a bit– almost completely due to COVID and the restrictions imposed on real estate in April. However, the robust amount of pendings demonstrates that the market is as strong as ever.

Our inventory is still very tight, with just over a 1 month supply of homes. Many sellers removed their homes from the market, unsure about the coronavirus. This creates an even more competitive environment for buyers, especially in the affordable price ranges.

In terms of price, the average price is up 5.6% at $393,392 and the median is up 6.3% at $350,000. Strikingly, the median for pendings is at $365,000– a new record for our area!